How to grow as a global freelancer in 2024

Today, freelancing is more than a trend—it's a viable career path for millions worldwide.

With Indian freelancers expected to contribute $20-30 billion to the economy by 2025, the opportunity to expand your services globally is ripe for the taking.

However, sourcing steady work in the global market isn’t straightforward. You have to compete against a larger talent pool and make yourself stand out. Coupled with navigating basics like payment methods, invoicing, and work culture differences. That's a lot! Possibly, some of you may be wondering if the effort is even worth it.

This guide aims to help freelancers who have never explored this avenue and those looking to level up their game with some actionable strategies. 

If you fall under the latter, you can move straight to the strategies listed below.

As of 2023, the demand for freelance services outpaced supply in many high-skill areas, with 80% of large U.S. companies planning to substantially increase their freelance worker use (Deloitte, 2023). A tell-tale sign of the rising need for freelancers globally.

In the scenario where the demand outweighs supply, freelancers stand to benefit. Here’s how:

1. Diverse clientele - In business, diversification is the cornerstone of risk aversion. One of the common risks freelancers take is to go months without any new clients or projects. Going global helps you to shield yourself from regional economic downturns, regulatory changes, or geopolitical uncertainties. This diversification reduces reliance on a single market and enhances long-term sustainability.

• Increased earning potential - When you earn in stronger currencies like USD, your earnings have greater purchasing power back home. Additionally, due to lower living costs, you can often quote competitive rates attractive to global clients while still earning more than you would locally. This pricing advantage allows you to compete effectively with freelancers from higher-cost countries, making you an appealing choice for businesses looking for quality work at reasonable rates.

• Scope for growth and innovation - Operating in foreign countries exposes you to diverse cultures, consumer preferences, and business practices. This cross-pollination of ideas can spark innovations and help you develop a more well-rounded skill set.

• Broader professional network - A robust network leads to more referrals and repeat clients. Expanding globally opens the door to networking with professionals you wouldn’t otherwise have the chance to.

Putting yourself out there in a global marketplace is no mean feat. You will encounter unique challenges that test your perseverance, adaptability and strategic thinking.

Let’s explore the key obstacles you will likely face on your journey to becoming a successful global freelancer.

• Sourcing projects - One of the significant roadblocks when expanding globally is finding projects or a steady stream of work. Yes, there are more opportunities, but freelancers are also subject to fiercer competition and potential feast-or-famine cycles. And without an established international presence, it can be difficult to win high-quality projects.

• Managing working hours - As a freelancer, you don’t have to be told about the importance of communication and collaboration. In remote setups, it is especially important to over-communicate to maintain a good working relationship with your client. Working across different time zones can pose a challenge with this. Clients may be offline when you are working, and vice versa, leading to delays in responses and feedback. This can be especially challenging for projects with urgent deadlines.

• Language and cultural barriers - Navigating cultural differences can be challenging when you start working with international clients. Their background, beliefs, and work approaches may differ significantly from yours. Subtle differences in communication style, such as tone and word choice, can lead to misunderstandings. For example, what you consider a direct and efficient email might come across as abrupt or rude to a client from a culture that values more formal communication.

• Payment and legal issues - Invoicing and payments are often a bane of most freelancers. This is only exacerbated when working with international clients who have different currencies and comply with and use different payment methods.

• Costs and delays in payments - International payments can be expensive and slow. Direct bank transfers may cost up to $30 per transaction, plus currency conversion fees. Credit cards or Payment aggregators charge 3-4% of the invoice amount. Your client might also pay up to $50 for an international wire transfer. These payments are often delayed. Money passes through several intermediate banks before it hits your account, and different holidays across countries can also contribute to the delay. All these factors make receiving international payments expensive and time-consuming for freelancers.

• Increased competition - In today’s interconnected world, it is safe to admit that if you offer a service, so are countless others. Expanding globally means competing with freelancers worldwide. This fierce competition necessitates competitive pricing, continuous skill development, and adaptation to global market trends. Staying ahead in this global race requires a commitment to lifelong learning.

• Establishing trust and credibility - Building trust and credibility with global clients who have never met you in person can be tough, especially when competing with talent whose portfolio and clientele are aligned with local needs. As a freelancer, you must demonstrate your expertise, reliability, and professionalism through your online presence, portfolio, and client testimonials.

You can turn these challenges into advantages with the right strategies and tools. Here are six key strategies to help you successfully navigate the global freelancing market:

• Access relevant work opportunities - Leverage freelance marketplaces like Upwork, Fiverr, Toptal, and others to easily access a global client base. These marketplaces attract a significant number of clients from large enterprises and have millions of jobs posted annually across a wide range of professional fields, such as data science, coding, web development, project management, sales, and marketing, among others.

If you are new at these marketplaces, here’s what you can do to stand out:

-Define a clear area of expertise and niche to stand out from the competition

-Create a professional, optimized profile that showcases your best work and skills

-Craft compelling, in-depth proposals. Something that showcases your expertise and also an inclination to work with the client

-Continuously upskill and showcase certifications

-Offer clients payment in local currency

1. Master the art of time zone management - Use tools like World Time Buddy or Every Time Zone to visualize overlapping work hours with clients. Implement asynchronous communication strategies, such as detailed project management tools (e.g., Asana or Trello) and video messaging apps like Loom. Consider adopting a flexible schedule to accommodate occasional odd-hour meetings.

• Develop cross-cultural communication skills - Invest time in understanding the cultural nuances of your target markets. Take courses on cross-cultural communication or read books like "The Culture Map" by Erin Meyer. Adapt your communication style accordingly - for example, be more direct with German clients but more relationship-focused with those from Japan. Use readability tools or AI to ensure that your written communication is clear and appropriate.

• Explore ways to save FX costs - Look for international payment services that will help you receive payments faster and at affordable costs. Multiple costs are involved when receiving international payments, including transaction fees, commissions, conversion rates, intermediary bank and processing fees. Some service providers may even charge you with an account opening fee. For instance, the costs to receive international payments in India via the Society for Worldwide Interbank Financial Telecommunication (SWIFT) could be between $10 and $50. However, alternative options like a foreign receiving account number, also known as a virtual bank account number, let you save more and charge 1% or less on your invoice amount to collect payments in India.

• Manage payments effectively (and get paid faster) -Similar to FX costs, international payments are notorious for their delay. The reasons are similar - time differences between you and your client, public holidays, conversion processes, and the complexity of dealing with foreign currency like receiving payments in USD and converting into INR. Unsurprisingly, the international banking network screens invoices for fraud, money laundering, political exposure, and other required background checks–which could cause delays. While these checks may not be in your control, what you can manage is choosing the service provider that lets you collect payments in your preferred currency and via local payment methods. Just like NEFT in India, every country has its preferred payment method. For instance, in the US, you can offer your clients payment via ACH or Fedwire or opt for SEPA Instant and FPS for quick EUR and GBP transactions. These payment methods are available 24/7, allowing you to receive funds faster in India.

• Understand documentation - As an international freelancer, ensuring that your business payments comply with RBI regulations is crucial. Use a financial services provider that streamlines the payment process by helping you secure crucial documents like Foreign Inward Remittance Advice (FIRA) for every international withdrawal. Having a FIRA is invaluable, as it helps avoid tax-related hiccups. A FIRA is proof of your international earnings, ensuring transparency with required authorities.

Finally, stand out from the competition. You can do this by focusing on niche skills or industry expertise that sets you apart. Create a strong personal brand through thought leadership content, such as blog posts, guides, podcasts or webinars. Leverage platforms where your potential clientele is already present to showcase your expertise.

For example, Dave Gerhardt, the founder of Exit Five, leveraged LinkedIn to build a community of 22,000+ professionals by focusing on B2B marketing advice and sharing his insights regularly on the platform.

Freelancing in 2024 and beyond presents immense opportunities for those willing to bet on themselves and navigate challenging waters. Establish trust with global clients by creating a professional online presence. Develop a polished website showcasing your portfolio, highlighting your biggest wins, and featuring testimonials and case studies from satisfied clients.

To further boost your credibility, consider obtaining internationally recognized certifications in your field and actively participate in global events or webinars to increase your visibility and network with potential clients. But, more importantly, as a global freelancer, understand how to stay on top of your finances. You don’t want to lose more money than you make due to foreign conversion complexities, right? Ask any business owner or founder who has taken their business across borders, and they’ll say that the key to a successful business is staying on top of your finances. Delegating this to service providers like Xflow can enable you to spend more time on the things you love.